NetLoan - Selecting Financing Option From Sales Order (General)
Overview
When creating loans directly from a sales order in NetSuite, users must select a financing option that informs the system of the terms and settings that should be used when creating the loan record.
Prerequisites:
- You must have previously enabled the "Financing Option" feature on the "System Features" tab of the "NetLoan Setup page.
- Make sure that "Financing Option" is not selected in the "Auto Approve Transactions" multiselect on the "General" tab of the "NetLoan Setup" page. If it is selected, the financing options will not be displayed on the sales order. To unselect it from the mutiselect, click "Financing Option" while holding the control/command button.
- You must have previously set up financing option templates.
Navigation
- Navigate to Transactions > Sales > Enter Sales Order > List.
- Then, view the sales order from which you would like to create.
- Financing Options are selected and managed on the "NetLoan" tab.
Step-By-Step Instructions
- In edit mode, open the "NetLoan" tab on the sales order. This tab shows the relevant fields for creating a loan from the sales order which includes the following fields:
Field/Button Required? Description Example Credit Score No This field is used to capture the credit score of the customer applying for financing. This can be populated from the NetLoan Credit Application record if those are utilized. Otherwise, this would need to be populated manually. 750 Down Payment No This is where a down payment can be entered, which should be reflected on the resulting loan record. $10,000 Loan No This shows any "NetLoan Loan" records already associated with this sales order. LN0001 Financing Loan NetLoan Credit Application No This references any related "NetLoan Credit Application" the customer has completed. Credit applications need to be set up separately. CA0001 Aaron Abbott NetLoan Financing Approval Status No This indicates the status of the financing option and triggers the creation of a loan when it is changed to the "Approved" status. - Pending Approval: Default value that indicates the financing of the sales order is still pending.
- Reject: This status is used to indicate that the customer did not qualify for financing of the sales order.
- Reversed: This status indicates that the financing of the sales order was reversed after it had been approved.
- Complete: This indicates that the financing was successful and a loan was created.
- Approved for Reversal: This indicates that the financing option needs to be reversed after having been successful, but still needs to be processed.
Pending Approval Financing Option Template No When a financing option template is selected and used to create a "NetLoan Loan" record, the Financing Option used will be linked here. 12 Months Interest Free Financing Options Sublist No This sublist is where all the available financing options can be populated, and a "NetLoan Financing Option" is selected that is used to create a "NetLoan Loan" record. NA Add Credit Score Options Button No This button is used to populate the "Financing Options" sublist with the "NetLoan Financing Options" that are available to the customer based on their entered credit score. NA Recalculate Button No This button is used to recalculate the amounts to be financed based on the current values on the sales order (sales order amount minus downpayment, etc.). NA - Click the "Add Credit Score Options" button to populate the available Financing Options into the sublist or select the financing option you are looking for directly in the "Template" column and click the "Add" button.
Prerequisite: To select a Financing Option, you must have previously set up financing option templates.
- Click the "Recalculate" button to populate the correct values in the sublist based on the sales order and downpayment amounts on the Sales Order.
- Select the appropriate Financing Option by checking the box in the"select" column of the sublist and clicking the "OK" button.
Save the Sales Order to capture your selection.
If the Financing Option is not set up to auto-approve, then a user with the proper permissions will need to approve the Financing Option for the loan record to be created.